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June 8, 2018, 3:05 a.m. EDT

Fuller, Smith & Turner profit rises for 2018

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By Carlo Martuscelli

Fuller, Smith & Turner PLC (FSTA.LN) said Friday that pretax profit rose 9.3% in fiscal 2018, and that like-for-like sales in its managed-pubs and hotels business have grown since the start of the new fiscal year.

The brewery and pub group said pretax profit for the year ended March 31 was 43.6 million pounds ($58.5 million), up from GBP39.9 million the previous year. Revenue increased 3% to GBP403.6 million, it said.

The company said sales at its managed-pubs and hotels business rose 2.9% on a like-for-like basis in fiscal 2018--above the industry average

During the year, the company absorbed cost pressures including hikes in business rates, a levy to fund apprenticeships, and inflation, which has led to a margin dilution of 10 basis points, Fuller, Smith & Turner said.

The company said that in the first nine weeks of trading since the start of the fiscal year, like-for-like sales at its managed-pubs and hotels business were up 2.5%, however own beer and cider volumes fell 3%.

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